90803 Market Update: June 2016

June 2016 Real Estate Market Update for the 90803 Area of Long Beach

The 90803 market update includes the neighborhoods of Belmont Shore, Belmont Park, Belmont Heights, Naples, the Peninsula, Bluff Park, Bluff Heights, Spinnaker Bay and Spinnaker Cove, University Park Estate, and Bixby Village

While May brought peak home prices for much of Long Beach, in 90803, the median May 2016 home price of $915,450 was 20.4% lower than it was last May.

The median sale price of single family homes in 90803 has fluctuated greatly in recent years. At $915,450 in May 2016, the median price has actually dropped 20.4% from a year ago in May. Fluctuations in price are not unusual in 90803 and home prices in the area are still substantially higher than for Long Beach overall. As of May 2016, the median home price in Long Beach was $565,000.

There were 78 active listings in May 2016. Though 90803 has experienced a lot of fluctuation in the number of active listings, the number is up 13% from May 2015 and up slightly from April 2016.

Though inventory in Long Beach is very low, the supply of homes for sale in 90803 is fairly balanced. There was a 4.3 month supply of homes on the market in May 2016, which reflects a 10.3% increase from the year prior in May. Since February 2016, inventory has climbed in 90803.

Condominiums in 90803

Condominium prices in Long Beach have fluctuated a lot in recent years. In May 2016, the median price of condos in Long Beach was $452,450, which is up 5% from the year prior in May.

Active listings have been increasing since March 2016 in 90803. There were 38 active listings in May 2016, which is an 8.6% increase from the year prior in May.

Condominium inventory in Long Beach is lower than the supply of single family homes. In May 2016 there was a 2.9 month supply of condos. Compared to a year ago in May, inventory has not changed. However, in March 2016 there was just a 1.8 month supply, which is extremely low.

Recently Sold Homes and Homes in Escrow in 90803

No Results Found.

Bottom Line

The real estate market in 90803 is hot right now! Whether you’re looking to buy or sell, now is a great time. If you’re thinking about putting your condo on the market, now is an especially good time as inventory is fairly low. If you’re thinking about buying or selling, give us a call or fill out the form below and we’d be happy to help!

 

About the Author
Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes. She has consistently been one of the top Realtors in the Long Beach area. Prior to her award-winning career in real estate with the Shannon Jones Team, Shannon has had successful careers in journalism and public relations. She holds a bachelor's degree from UC Irvine and a master's degree from UC Berkeley. Shannon holds E-Pro, CDPE (Certified Distressed Property Expert), and PSC (Pre-Foreclosure Specialist) certifications. Shannon is very personable and maintains a very strong moral compass, always putting the best interest of home buyers/sellers above monetary goals. A California native, Shannon enjoys gardening, travel, reading, cooking and poker when she’s not selling homes.

MY DESIGNATIONS
Lic# 01247705 | CDPE (Certified Distressed Property Expert) | E-Pro | PSC (Pre-Foreclosure Specialist)

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.